MOSAID to sell semicon IP assets to Synopsys

OTTAWA, CANADA: MOSAID Technologies Inc. has signed an agreement to sell certain assets of its semiconductor intellectual property (IP) product development business to Synopsys Inc. for approximately US$15 million in cash. The agreement is likely to close in August 2007, with the payment subject to a US$2 million holdback for one year. Synopsys also plans to hire the semiconductor IP engineering team.

Synopsys has agreed to purchase the assets and intellectual property associated with MOSAID's double data rate (DDR) memory controller and phase locked loop (PLL) product families. In connection with the transaction, Synopsys will also receive an exclusive license to certain patents and pending applications associated with MOSAID's current memory controller and PLL product lines.

John Lindgren, president and CEO, MOSAID, said: "With the sale of our semiconductor IP assets to Synopsys, we will move forward as a pure-play intellectual property company focused on patent licensing and advanced memory R&D. Our semiconductor IP group has successfully developed and sold best-in-class technology and products to the global semiconductor industry. We decided that these assets would perform better in the hands of an industry leader with complementary product lines and the scale to succeed in a competitive market, allowing us to concentrate on our core business."